For neglecting the agricultural sector, Nigeria’s profile in the importation of agricultural sector has increased over N630 billion.
This revelation was made by the Central Bank Governor, Mr Godwin Emefiele in Lagos at a workshop organised by CBN and the Alliance for Green Revolution in Africa (AGRA) on Innovative Agricultural Products, noted that the large import of food products include wheat, rice, flour, fish, tomato paste, textile and sugar.
He said that the sector provides 70 per cent of existing employment in the country, with 42 per cent contribution to the Gross Domestic Product (GDP), but lamented the high level importation of food products.
Emefiele also hinted that all is set for the reactivation of the agriculture sector’s insurance scheme-the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL), in a move to lure more farmers, as well as help reduce risks associated with the sector’s financing.
